diff --git a/headroom/proxy/prometheus_metrics.py b/headroom/proxy/prometheus_metrics.py
index 889ed60be..8cd83846b 100644
--- a/headroom/proxy/prometheus_metrics.py
+++ b/headroom/proxy/prometheus_metrics.py
@@ -869,14 +869,23 @@ class PrometheusMetrics:
         # would hold the lock for the whole write instead of just the syscall.
         # ponytail: default thread pool, not a dedicated executor -- give it one
         # if a profile ever shows writers parked on flock saturating the pool.
-        if tokens_saved > 0 and not self._stateless:
+        # tool_search_deferral saves tool-SCHEMA tokens that never move the
+        # message-level tok_before/after, so a tool-heavy turn can have
+        # tokens_saved=0 while genuinely deferring thousands of tokens. Fold that
+        # component into the ledger delta the same way the PERF headline and
+        # perf/analyzer do (`headline_before = before + tool_saved`); otherwise
+        # `headroom savings` understates real compression 7-10x on tool-search
+        # sessions and drops deferral-only turns from the ledger entirely (#2795).
+        deferral_saved = max(0, int(tool_search_saved))
+        ledger_saved = tokens_saved + deferral_saved
+        if ledger_saved > 0 and not self._stateless:
             # `input_tokens` here is the optimized (post-compression) count
             # that was actually forwarded — see emit_request_outcome, which
             # passes `input_tokens=outcome.optimized_tokens`. The ledger's
             # `before` is the pre-compression original and `after` is what we
             # forwarded, and `headroom savings` derives the reduction percent
             # as saved / before. Passing the forwarded count as `before`
-            # understated the original by `tokens_saved`, inflating that
+            # understated the original by `ledger_saved`, inflating that
             # percentage (e.g. a real 40% reduction was reported as ~67%).
             # Reconstruct the original as forwarded + saved.
             await asyncio.to_thread(
@@ -887,7 +896,7 @@ class PrometheusMetrics:
                 # `tokens_saved` yields a mixed-ruler before/after (local 10->6
                 # with the provider reporting 8 would record 12->8). Use the
                 # caller's local count when supplied.
-                tokens_before=ledger_input_tokens + tokens_saved,
+                tokens_before=ledger_input_tokens + ledger_saved,
                 tokens_after=ledger_input_tokens,
                 model=model,
                 client=client or "proxy",
diff --git a/tests/test_savings_ledger_before_forwarded.py b/tests/test_savings_ledger_before_forwarded.py
index 52a10a133..72d158377 100644
--- a/tests/test_savings_ledger_before_forwarded.py
+++ b/tests/test_savings_ledger_before_forwarded.py
@@ -63,3 +63,69 @@ async def test_record_savings_event_uses_original_input_as_before(
             "source": "proxy",
         }
     ]
+
+
+def _capture_ledger(monkeypatch: pytest.MonkeyPatch) -> list[dict[str, Any]]:
+    calls: list[dict[str, Any]] = []
+    monkeypatch.setattr(
+        prometheus_metrics.savings_ledger,
+        "record_savings_event",
+        lambda **kwargs: calls.append(kwargs),
+    )
+    return calls
+
+
+@pytest.mark.asyncio
+async def test_record_savings_event_includes_tool_search_deferral(
+    monkeypatch: pytest.MonkeyPatch,
+) -> None:
+    """tool_search_deferral savings must ride into the ledger delta so
+    `headroom savings` does not undercount tool-search sessions ~7-10x (#2795)."""
+    calls = _capture_ledger(monkeypatch)
+    metrics = prometheus_metrics.PrometheusMetrics(
+        savings_tracker=_FakeSavingsTracker(),
+        otel_metrics=_FakeOtelMetrics(),
+    )
+    await metrics.record_request(
+        provider="anthropic",
+        model="claude-opus-4-6",
+        input_tokens=109844,  # forwarded (post-compression) message count
+        output_tokens=25,
+        tokens_saved=1896,
+        tool_search_saved=13182,  # deferred tool schemas never sent
+        latency_ms=10.0,
+        client="claude-code",
+    )
+
+    assert len(calls) == 1
+    # saved = tokens_saved + tool_search_saved; before = forwarded + saved.
+    assert calls[0]["tokens_after"] == 109844
+    assert calls[0]["tokens_before"] == 109844 + 1896 + 13182  # == 124922
+
+
+@pytest.mark.asyncio
+async def test_record_savings_event_written_for_deferral_only_turn(
+    monkeypatch: pytest.MonkeyPatch,
+) -> None:
+    """A tool-heavy turn can defer thousands of tool-schema tokens while
+    tokens_saved is 0 (deferral does not move the message-level count). It must
+    still be recorded, not dropped from the ledger (#2795)."""
+    calls = _capture_ledger(monkeypatch)
+    metrics = prometheus_metrics.PrometheusMetrics(
+        savings_tracker=_FakeSavingsTracker(),
+        otel_metrics=_FakeOtelMetrics(),
+    )
+    await metrics.record_request(
+        provider="anthropic",
+        model="claude-opus-4-6",
+        input_tokens=50000,
+        output_tokens=25,
+        tokens_saved=0,
+        tool_search_saved=13182,
+        latency_ms=10.0,
+        client="claude-code",
+    )
+
+    assert len(calls) == 1
+    assert calls[0]["tokens_before"] == 50000 + 13182
+    assert calls[0]["tokens_after"] == 50000